Business category, Page 218
Treasury Secretary Steve Mnuchin defends shutdown of Fed emergency loan programsVideo
WASHINGTON — Treasury Secretary Steven Mnuchin is defending his decision to close down a number of emergency Federal Reserve loan programs at a time when coronavirus cases are surging. Democrats were unconvinced, however, saying that Mnuchin’s actions are politically motivated and intended to remove tools that the Biden administration could...
Sephora to open hundreds of beauty shops inside Kohl’s stores
Sephora will open hundreds of beauty shops inside Kohl’s department stores starting next fall, the retailer said Tuesday, just weeks after Ulta Beauty and Target announced a similar partnership. The 2,500-square-foot Sephora shops will replace Kohl’s current beauty department at the front of the store and carry makeup, skin care,...
Strong start to December as S&P 500 index sets another high
Stocks scored more record highs on Wall Street on Tuesday, a day after the S&P 500 closed out November with its biggest monthly gain since April. The benchmark index climbed 1.1% while the tech-heavy Nasdaq added 1.3%. Both beat the all-time highs they set on Friday. Stocks have been ramping...
U.S. factories grew more slowly last month; index dips to 57.5
WASHINGTON — American factories grew at a slower pace last month, and there are concerns that surging coronavirus infections will endanger an economic recovery. The Institute of Supply Management, an association of purchasing managers, reported Tuesday that its manufacturing index dipped to 57.5 in November from 59.3 in October. Any...
OPEC talks on production hit snag as pandemic clouds outlook
FRANKFURT, Germany — The OPEC oil producers’ cartel was to push ahead with a new round of discussions Tuesday about how much to pump next year as countries wrestled over whether to extend the production cuts that have been supporting prices depressed by the pandemic. Members adjourned a videoconference after...
Nasdaq seeks more diverse boards from listed companies
Nasdaq is seeking U.S. authority to require more diversity in the board rooms of Nasdaq-listed companies. It is the first major exchange to pursue such a requirement. The proposal filed with the U.S. Securities and Exchange Commission on Tuesday, if approved, would require all companies listed on the exchange to...
GAO says weekly unemployment benefits report flawed
WASHINGTON — A government watchdog has found that the Labor Department’s widely watched weekly unemployment benefits data are providing an inaccurate reading on the number of newly laid off workers because of flaws in the government’s data collection. The Government Accountability Office said in a report Monday that the Labor...
Stocks slip, but S&P 500 still logs best month since April
NEW YORK — Stocks pulled back slightly from their record levels Monday as Wall Street put a quiet coda on one of its most rocking months in decades. The S&P 500 fell 0.5%, but the benchmark index still clocked a surge of 10.8% for the month, its biggest monthly gain...
GM walks away from stake in electric vehicle maker Nikola
NEW YORK — General Motors will not take an initial stake in the electric vehicle company Nikola, which announced Monday that it would scuttle on of its marquee vehicles, an electric and hydrogen-powered pickup that was to be called the Badger. Shares of Nikola plunged 21% at the opening bell....
Tony Hsieh, retired Zappos CEO, dies at 46
LAS VEGAS — Tony Hsieh, the retired CEO of Las Vegas-based online shoe retailer Zappos.com who spent years working to transform the city’s downtown area, has died. He was 46. Hsieh was with family when he died Friday, according to a statement from DTP Companies, which he founded. Downtown Partnership...
Hyundai, Kia fined for delaying U.S. engine failure recalls
Hyundai and Kia must pay $137 million in fines and safety improvements because they moved too slowly to recall over 1 million vehicles with engines that can fail. The National Highway Traffic Safety Administration announced the penalties on Friday. They resolve a three-year government probe into the companies’ behavior involving...
Stocks rise on Wall Street; S&P 500 closes at record high
NEW YORK — The S&P 500 is closing a shortened session at a record high Friday as investors continue to look forward to the distribution of a covid-19 vaccine and relief for the economy. The benchmark index rose 0.2%, led by gains in technology companies, and closed at an all-time...
U.S. agency investigating Tesla front suspension failures
DETROIT — The U.S. government’s road safety agency is investigating complaints that suspensions can fail on nearly 115,000 Tesla electric vehicles. The National Highway Traffic Safety Administration says it has 43 complaints that linkages near the ball joints can fail, allowing contact between the tire and wheel liner. The probe...
China slaps 200% tax on Australia wine amid tensions
BEIJING — China on Friday added wine to the growing list of Australian goods barred from its markets in a trade war against Australia over disputes including its support for a probe into the origin of the coronavirus. The Ministry of Commerce imposed import taxes of up to 212.1%, effective...
4,000 more Disney theme park division employees are losing their jobsVideo
ORLANDO, Fla. — On the day before Thanksgiving, the Walt Disney Co. revealed 4,000 more layoffs are coming in its theme parks division, bringing the total number of announced layoffs to 32,000 across the company. At least 18,000 of the total jobs lost belong to cast members at Walt Disney...
Delta won’t furlough pilots; job cuts possible at Southwest
DALLAS — Delta Air Lines on Wednesday dropped a threat to furlough more than 1,700 pilots after they ratified a cost-cutting agreement that the airline said was needed to help it cope with a downturn caused by the pandemic. The airline had planned to furlough about 13% of its 12,900...
Stocks move mostly lower even as Nasdaq edges toward record
Stocks are mostly lower on Wall Street in afternoon trading Wednesday, giving back some of their gains from a record-setting climb a day earlier. The S&P 500 was down 0.1% a day after setting an all-time high. The Dow Jones Industrial Average slipped below 30,000, a day after crossing that...
Lights, camera, sell: Retailers want you to watch and shop
NEW YORK — When Jenna Powell gets in front of a camera, she can sell $10,000 worth of sparkly dresses and tie-dye hoodies in 40 minutes. Powell, whose three Jennaration shops in Alabama were closed at the start of the pandemic, has put all her focus on selling through live...
Cannabis stocks soar high as U.S. election opens new markets
LOS ANGELES — Cannabis stocks are flying high after voters in New Jersey, Arizona and three other states cleared the way for expanding legal sales of marijuana. Shares in some of the biggest cannabis companies, including Aurora Cannabis, Canopy Growth and Cresco Labs, are up between 24% and 75% so...
Penguin snaps up Simon & Schuster, creating mega publisher
BERLIN — German media giant Bertelsmann said Wednesday that its Penguin Random House division is buying rival Simon & Schuster, in a mega deal that will likely reshape the U.S. publishing industry. Penguin Random House, already the number one American publisher, will buy the New York-based firm, whose authors include...
Unchanged from early estimate, U.S. economy grew 33.1% in Q3
WASHINGTON — The second of three estimates on U.S. growth for the July-September quarter was unchanged at a record pace of 33.1%. But a resurgence in the coronavirus is expected to slow growth sharply in the current quarter with some economists even raising the specter of a double-dip recession. While...
Sunbeam recalls nearly 1 million Crock-Pot multi-cookers over lid issue
Sunbeam Products has recalled almost 1 million Crock-Pot 6-Quart Express Crock Multi-Cookers because an issue with the lid when used for pressure cooking can result in burns. “The recalled Crock-Pot multi-cooker can pressurize when the lid is not fully locked. This can cause the lid to suddenly detach while the...
Left for dead twice, RadioShack gets another shot online
SILVER SPRING, Md. — RadioShack, a fixture at the mall for decades, has been pulled from brink of death, again. It’s the most prized name in the basket of brands that entrepreneur investors Alex Mehr and Tai Lopez have scooped up since the coronavirus pandemic bowled over the U.S. retail...
Amazon’s $3,000 signing bonuses irk workers who got $10 coupons
Amazon is doling out hiring bonuses as high as $3,000 to make sure it has enough people to squeak through the busy holiday shopping season. That’s stoking resentment among existing workers who recently got coupons for Thanksgiving turkeys as a thank you for their hard work. Social-media chatrooms where Amazon...
U.S. consumer confidence drops to 96.1 as virus spreads
WASHINGTON — U.S. consumer confidence fell to a reading of 96.1 in November as rising coronavirus cases pushed American optimism down to the lowest level since August. The November reading released Tuesday by the the Conference Board said represents a drop from a revised 101.4 in October. The decline reflected...
